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Loan for Acquisition of Stake in and Development of Barossa Gas Field Project in Australia
Contributing toward Establishment of LNG Value Chain and Promotion of Energy Transition

  • Region: Oceania
  • Energy and Natural Resources
  • Overseas Investment Loans
December 27, 2021
  1. The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed on December 24 a loan agreement amounting to USD346 million (JBIC portion) with JERA Barossa Pty Ltd. (JERA Barossa), an Australian company invested in by JERA Co., Inc. (JERA). The loan is co-financed with private financial institutions, bringing the total co-financing amount to USD497 million.
      
  2. The loan is intended to finance the funds necessary for JERA Barossa to acquire a 12.5% stake in the Barossa/Caldita gas field located in the Northern Territory of Australia from Santos NA Barossa Pty Ltd., another Australian company, and to develop the gas field.
      
  3. Natural gas is an energy source that produces less greenhouse gases than other fossil fuels and mitigates environmental impacts. With global initiatives accelerating toward the realization of a decarbonized society and carbon neutrality*1, natural gas is attracting attention as a source of energy during the energy transition, and the growing global demand for LNG is projected to continue. Also, in its Strategic Energy Plan and Infrastructure System Overseas Promotion Strategy 2025 (revised in June 2021), the Government of Japan recognized that one of its most crucial policy agendas is to secure the stable supply of natural gas to Japan. Of the LNG produced from the natural gas produced by the project, JERA will receive about 0.425mtpa of LNG, equivalent to its equity stake in the project. The loan, which supports JERA in procuring the LNG, will contribute toward securing long-term, stable supplies of LNG, which is an important energy resource for Japan, and to diversifying LNG supply sources for Japan.
      
  4. JBIC will continue to actively support the development of energy resources by Japanese companies and financially assist in the securing of a stable energy supply for Japan.
      
Note
  1. *1 
    Carbon neutrality is a state where the amount of greenhouse gases emitted is balanced by the amount removed so that they are net zero.

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